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Real Estate - Documents recording the ownership of property throughout time.
US Department of Housing and Urban Development - Cite This Source - This Definition - A historical summary provided by a title insurance company of all records affecting the title to a property.
Ginnie Mae - Cite This Source - This Definition - Browse Related Terms: certificate of title, Chain of Title, Clear Title, Cloud, Cloud On The Title, Co-borrower, Encumbrance, Free and clear, Title 1, Title Company, Title Defect, Title search, Transfer Tax
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Real Estate - The written approval of the buyer's offer by the seller.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Contingency, Counter-offer, Deposit (Earnest Money), earnest money, Earnest Money Deposit, escape clause, Homeowner's Warranty (HOW), Listing Agreement, Offer, Purchase and Sale Agreement, Ratified Sales Contract, Right of First Refusal, Walkthrough
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Real Estate - Money paid to the lender in addition to the established payment amount used directly against the loan principal to shorten the length of the loan.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Annual Mortgagor Statement, closed-end mortgage, Mortgage Life and Disability Insurance, Notional Principal Amount, open-end mortgage, Original Principal Balance, Outstanding balance, P&I, Principal, Principal and interest payment (P & I), Remaining Balance
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Real Estate - A mortgage instrument that allows maximum flexibility in selecting the terms under which interest rates and payments may be adjusted over the maturity of the loan. Includes adjustable rate mortgages, renegotiated rate mortgages, variable rate mortgages.
U.S. Census Bureau - Cite This Source - This Definition - Browse Related Terms: Adjustable rate mortgage (ARM), Adjustment Date, Alternative mortgage instrument (AMI), ARM, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Fixed-Period Adjustable-Rate Mortgage, Fixed-rate mortgage, Initial Interest Rate, Interest Rate Ceiling, Interest Rate Floor, Payment Change Date, Prime rate, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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Real Estate - A mortgage loan that allows the interest rate to be changed, usually based on an established index, at specific intervals over the maturity of the loan.
U.S. Census Bureau - Cite This Source - This Definition - A mortgage loan that does not have a fixed interest rate. During the life of the loan the interest rate will change based on the index rate. Also referred to as adjustable mortgage loans (AMLs) or variable-rate mortgages (VRMs).
US Department of Housing and Urban Development - Cite This Source - This Definition - A variable or flexible rate mortgage with an interest rate that varies according to the financial index it is based upon. To limit the borrower's risk, the ARM may have a payment or rate cap. See also: cap.
Ginnie Mae - Cite This Source - This Definition - A mortgage that does not have a fixed interest rate. The rate changes during the life of the loan based on movements in an index rate, such as the rate for Treasury securities or the Cost of Funds Index. ARMs usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates increase, generally your loan payments increase; and when interest rates decrease, your monthly payments may decrease. For more information on ARMs, see the Consumer Handbook on Adjustable-Rate Mortgages.
The Federal Reserve Board - Cite This Source - This Definition - Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Alternative mortgage instrument (AMI), ARM, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Fixed-Period Adjustable-Rate Mortgage, Fixed-rate mortgage, Initial Interest Rate, Interest Rate Ceiling, Interest Rate Floor, Payment Change Date, Prime rate, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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Real Estate - The actual date that the interest rate is changed for an ARM.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Adjustable mortgage loan, Adjustable rate mortgage (ARM), Alternative mortgage instrument (AMI), ARM, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Fixed-Period Adjustable-Rate Mortgage, Fixed-rate mortgage, Initial Interest Rate, Interest Rate Ceiling, Interest Rate Floor, Payment Change Date, Prime rate, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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Real Estate - Same or similar to "contract to purchase." See "contract to purchase" under "mortgage."
U.S. Census Bureau - Cite This Source - This Definition - Browse Related Terms: Contract for deed, Contract of sale, Contract to purchase, derivative, Indemnification, Installment contract, Land contract, Purchase agreement, Purchase Offer, Third mortgage, Transfer of Ownership
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Real Estate - Any mortgage other than a fixed interest rate, level payment, amortizing loan. Includes variable rate mortgages, rollover loans, graduated payment mortgages, shared appreciation mortgages, adjustable rate mortgages, growing equity mortgages.
U.S. Census Bureau - Cite This Source - This Definition - Browse Related Terms: Adjustable mortgage loan, Adjustable rate mortgage (ARM), Adjustment Date, ARM, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Fixed-Period Adjustable-Rate Mortgage, Fixed-rate mortgage, Initial Interest Rate, Interest Rate Ceiling, Interest Rate Floor, Payment Change Date, Prime rate, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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Real Estate - Payment of a debt in equal installments of principal and interest, rather than interest only payments.
U.S. Census Bureau - Cite This Source - This Definition - A payment plan that enables you to reduce your debt gradually through monthly payments. The payments may be principal and interest, or interest-only. The monthly amount is based on the schedule for the entire term or length of the loan.
US Department of Housing and Urban Development - Cite This Source - This Definition - The liquidation of a debt by regular, usually monthly, installments of principal and interest. An amortization schedule is a table showing the payment amount, interest, principal and unpaid balance for the entire term of the loan.
Ginnie Mae - Cite This Source - This Definition - The process of fully paying off indebtedness by installments of principal and earned interest over a specific amount of time.
The Federal Reserve Board - Cite This Source - This Definition - Browse Related Terms: Flexible payment mortgage (FPM), Fully Amortized Mortgage, graduated payment mortgage (GPM), Level payment mortgage, Negative amortization, Remaining Term, Self-amortizing mortgage, term
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